💡 eNACH stands for electronic NACH and utilises the services of NPCI's National Automated Clearing House (NACH)
Customers need to upload their bank statements which is mandatory as per the government, to avail an online business loan. Customer is requested to share his/her basic information, PAN and other documents which are used to check credit and repayment history.
Once these steps are completed they are requested to share their 12 month bank statement, which would be used to verify the bank and make it their primary account to disburse their sanctioned loan amount.
The bank statements can be shared via different methods, for example manual upload, via email, net banking, account aggregator etc.
One of the biggest pain points while collecting their 12 month bank statements is inconsistency in the data shared by the user.
We were able to convey the exact data required for loan processing , by using a ledger view and also conveying the same through visual cues to convey the missing statements.
